On Wed, 7 Aug 2013, Stephen Kraus wrote:
> Also, I'd point out that you are effectively doing with Bitcoins what many Libertarians claim the US Federal Reserve is doing: pulling
> money out of thin air.
It is as valid of currency as anything else when any two parties agree on
tha value of the medium of exchange and the object or service they are
exchanging for.
A "dollar" is worth a dollar because both parties agree on the perceived
value of that piece of paper, based on the perceived value of everyone
else.
It is only a farce when a government or other authoritarian entity
enforces price controls that are outside of mutually agreed society
ranges.
If no-one perceived a bitcoin as valuable, they would be value-less.